Cairo - Mubasher: The government has no any intention to intervene again the FX market, said Tarek Amer, governor of the Central Bank of Egypt, according to Enterprise.
“We will never intervene in the system. We, as a nation, have paid dearly to reach this point. And I personally have faced a lot to bring it to this point. It is absolutely not happening again. It’s history,” said Amer.
Last November, The Central Bank of Egypt (CBE) decided to let banks in the market set their own exchange rate for the Egyptian pound against the US dollar through the inter banking system.
It also raised the return on the overnight deposit and lending by 300 basis points, registering 14.75% and 15.75% respectively. The main operation at the CBE was raised by 300 basis points to reach 15.25%. The credit and discount rates were raised by the same rate, reaching 15.25%.
